Hi Everyone!
Here's the deal...
I had an outstanding debt with Capital One that has been transfered to NCO. I don't know if NCO has purchased the debt or is servicing the debt.
I was contacted by NCO "pre-legal dept." in late January and told that I owe approximately $8k after finance charges. According to this representative I needed to immediately pay $5832 or face legal action including wage garnishment. This was on a Friday and I had until Monday to come up with the money or face a law suit. Of course, I didn't have this kind of money and resolved myself to declaring bankruptcy.
On Tuesday I received another call from NCO. This time from a different acct rep from another department. I explained the situation to this rep and we quickly agreed to terms. I would immediately pay $1K, send $100/month until June as good faith payments, and then $600/month until the $5832 balance was paid. I asked this rep to please contact the "pre-legal dept" and confirm that this arrangement was satisfactory. She responded by saying there was no need since everything was in the computer. Not trusting the computer, I called the first acct rep and told her voice mail about the arrangement and the name/phone of the second acct rep.
I kept my end of this agreement. I've paid the $1k and the $100/ month.
Today, I'm contacted by the original acct rep and was notified that the arrangement is not acceptable! I must now immediately pay $3900 or face law suit. No amount of argument was going to disuade this rep!
After this conversation, I came to the conclusion that the first acct rep is insane! I'd already agreed to pay 73% of the original balance. But this rep wants me to pay 50% immediately. Which of course will mean that I declare bankruptcy and NCO receives pennies on the dollar?!?!
So here's the questions I have.
- Do I have any legal standing regarding the original arrangements made with the second acct rep?
- Should I try to get this acct returned to Capital One and then attempt to make arrangements?
- Should I contact Capital One directly and find the NCO Liason and explain the situation? It seems that Capital One would be more than happy to settle for 50-73% of the balance.
- I want to send a Cease & Desist letter. Should I also include a Debt Validation in this letter? Or will this cause NCO to file suit?
- I recently moved and have misplaced all of my Capital One acct info. How do I find out when the Statute of Limitations clock began? Will Capital One provide this info?
Thanks!
BamRam
State of Alabama
Here's the deal...
I had an outstanding debt with Capital One that has been transfered to NCO. I don't know if NCO has purchased the debt or is servicing the debt.
I was contacted by NCO "pre-legal dept." in late January and told that I owe approximately $8k after finance charges. According to this representative I needed to immediately pay $5832 or face legal action including wage garnishment. This was on a Friday and I had until Monday to come up with the money or face a law suit. Of course, I didn't have this kind of money and resolved myself to declaring bankruptcy.
On Tuesday I received another call from NCO. This time from a different acct rep from another department. I explained the situation to this rep and we quickly agreed to terms. I would immediately pay $1K, send $100/month until June as good faith payments, and then $600/month until the $5832 balance was paid. I asked this rep to please contact the "pre-legal dept" and confirm that this arrangement was satisfactory. She responded by saying there was no need since everything was in the computer. Not trusting the computer, I called the first acct rep and told her voice mail about the arrangement and the name/phone of the second acct rep.
I kept my end of this agreement. I've paid the $1k and the $100/ month.
Today, I'm contacted by the original acct rep and was notified that the arrangement is not acceptable! I must now immediately pay $3900 or face law suit. No amount of argument was going to disuade this rep!
After this conversation, I came to the conclusion that the first acct rep is insane! I'd already agreed to pay 73% of the original balance. But this rep wants me to pay 50% immediately. Which of course will mean that I declare bankruptcy and NCO receives pennies on the dollar?!?!
So here's the questions I have.
- Do I have any legal standing regarding the original arrangements made with the second acct rep?
- Should I try to get this acct returned to Capital One and then attempt to make arrangements?
- Should I contact Capital One directly and find the NCO Liason and explain the situation? It seems that Capital One would be more than happy to settle for 50-73% of the balance.
- I want to send a Cease & Desist letter. Should I also include a Debt Validation in this letter? Or will this cause NCO to file suit?
- I recently moved and have misplaced all of my Capital One acct info. How do I find out when the Statute of Limitations clock began? Will Capital One provide this info?
Thanks!
BamRam
State of Alabama
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